This bill proposes to submit a proposition to the voters of Rhode Island during the general election in November 2026, seeking approval for the issuance of general obligation bonds totaling $100 million. The funds are intended for the state's 2026 capital development program. The bill outlines the process for the issuance of these bonds, including the roles of the general treasurer and the governor in approving and managing the bonds, as well as the conditions under which the bonds will be sold and the funds utilized.

If a majority of voters approve the proposition, the project will be deemed approved, and the state will be authorized to issue the bonds as outlined. The bill includes provisions for the management of the funds raised through the bond issuance, ensuring that they are used exclusively for the purposes specified in the proposition. It also allows for the acceptance of federal assistance and private funds to support the project. Certain sections of the act will take effect immediately upon passage, while others will take effect only after the state board of elections certifies that a majority of qualified electors voting on the proposition have indicated their approval.